IMF shackles and debt default slowed our job engine, says Seth Terkper
Seth Terkper says Ghana’s job creation drive was significantly slowed by debt distress and restrictions under the International Monetary Fund (IMF) programme inherited by the Mahama administration. Speaking on PM Express Business Edition on Joy News on Thursday, Seth Terkper argued that while there were clear plans for jobs, the economic environment limited what the government could do in its early months. According to Seth Terkper, "If you look at the NDC manifesto, there's a plan to create jobs already. But when you come into an economy where, under the IMF program we inherited, compared to what we handed over, all you can do is borrow T-Bills."
Seth Terkper said the government was forced to prioritise stabilisation over investment. He said this delay directly affected the pace of job creation, as capital-intensive projects could not take off under such tight financing conditions. He noted that conditions are beginning to improve, with renewed access to longer-term financing. Seth Terkper maintained that the difficult measures taken were necessary to halt further economic decline and restore confidence.
Seth Terkper said that the recovery would not come at the cost of fiscal discipline, even as government begins to unlock funding for development. He said, "It doesn't mean that we are going to be reckless about it, but you can see the very job creation agenda that you're talking about coming out for Agenda 111, the Big Push and all of those things, they are beginning to show."
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Seth Terkper, a former Finance Minister, claims Ghana's job creation suffered under an IMF program. He suggests economic restrictions limited the government's ability to invest - but the situation is improving.
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